PBOC seems to continue FX intervention especially in FX forward market. Seeing forward curve, their supply of foreign currencies may concentrate on 12 month tenor.
However, PBOC has recorded the forward and swap position as zero from June to September. So, Barclays thinks PBOC cheats the number. As check real outflow of FX, they argue we should see the net forex purchase position rather than official foreign assets of PBOC. And according to this, FX outflow did not decrease in September from previous month.
But, I think it is one of the alternative merely... Sure, I should follow this data from now on...
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